Advisors Asset Management Inc. Cuts Stock Position in Prudential Financial, Inc. (NYSE:PRU)

Advisors Asset Management Inc. decreased its position in shares of Prudential Financial, Inc. (NYSE:PRU) by 17.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,046 shares of the financial services provider’s stock after selling 9,673 shares during the period. Advisors Asset Management Inc.’s holdings in Prudential Financial were worth $5,576,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Legal & General Group Plc lifted its holdings in shares of Prudential Financial by 9.4% during the 2nd quarter. Legal & General Group Plc now owns 3,542,400 shares of the financial services provider’s stock valued at $415,134,000 after purchasing an additional 305,143 shares during the last quarter. abrdn plc increased its position in Prudential Financial by 4.0% during the 3rd quarter. abrdn plc now owns 1,309,155 shares of the financial services provider’s stock valued at $158,120,000 after buying an additional 50,026 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Prudential Financial by 4,130.8% in the third quarter. International Assets Investment Management LLC now owns 1,298,257 shares of the financial services provider’s stock worth $157,219,000 after acquiring an additional 1,267,571 shares in the last quarter. AustralianSuper Pty Ltd grew its stake in shares of Prudential Financial by 2.3% during the third quarter. AustralianSuper Pty Ltd now owns 1,265,996 shares of the financial services provider’s stock worth $153,312,000 after acquiring an additional 28,459 shares during the last quarter. Finally, Swiss National Bank increased its holdings in shares of Prudential Financial by 0.3% during the third quarter. Swiss National Bank now owns 1,065,600 shares of the financial services provider’s stock valued at $129,044,000 after acquiring an additional 2,700 shares in the last quarter. 56.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Caroline Feeney sold 1,110 shares of Prudential Financial stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $119.97, for a total value of $133,166.70. Following the sale, the executive vice president now directly owns 10,175 shares in the company, valued at approximately $1,220,694.75. The trade was a 9.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Insurance Co Of Ame Prudential bought 261,059 shares of Prudential Financial stock in a transaction on Tuesday, October 8th. The shares were purchased at an average cost of $27.58 per share, with a total value of $7,200,007.22. Following the acquisition, the insider now directly owns 4,208,549 shares of the company’s stock, valued at approximately $116,071,781.42. The trade was a 6.61 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.31% of the company’s stock.

Prudential Financial Price Performance

Shares of NYSE PRU opened at $126.26 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.14 and a quick ratio of 0.14. The stock has a market capitalization of $44.95 billion, a price-to-earnings ratio of 11.22, a PEG ratio of 0.89 and a beta of 1.29. The firm’s 50 day simple moving average is $123.06 and its 200-day simple moving average is $119.61. Prudential Financial, Inc. has a 12 month low of $93.99 and a 12 month high of $129.13.

Prudential Financial (NYSE:PRU) last released its quarterly earnings data on Wednesday, October 30th. The financial services provider reported $3.48 earnings per share for the quarter, beating analysts’ consensus estimates of $3.47 by $0.01. Prudential Financial had a net margin of 6.03% and a return on equity of 15.30%. The company had revenue of $19.48 billion during the quarter, compared to analysts’ expectations of $14.57 billion. During the same quarter in the previous year, the company earned $3.44 earnings per share. Analysts expect that Prudential Financial, Inc. will post 13.33 EPS for the current year.

Prudential Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 19th will be issued a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend is Tuesday, November 19th. Prudential Financial’s payout ratio is currently 46.22%.

Analysts Set New Price Targets

PRU has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $121.00 target price on shares of Prudential Financial in a research note on Wednesday, August 21st. Bank of America lifted their price objective on shares of Prudential Financial from $109.00 to $118.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Evercore ISI raised Prudential Financial from an “underperform” rating to an “inline” rating and upped their target price for the company from $117.00 to $140.00 in a research report on Thursday, November 14th. TD Cowen began coverage on Prudential Financial in a research report on Wednesday, October 9th. They set a “hold” rating and a $130.00 price target for the company. Finally, Morgan Stanley cut their price objective on Prudential Financial from $123.00 to $122.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. Eleven research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Prudential Financial presently has an average rating of “Hold” and a consensus target price of $125.69.

Prudential Financial Profile

Prudential Financial, Inc, together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.